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  1. Corporate Governance and Supplemental Environmental Projects: A Restorative Justice Approach.Muhammad Nadeem - 2021 - Journal of Business Ethics 173 (2):261-280.
    Firms have traditionally responded to environmental violations by increasing information disclosure and/or communication to manage stakeholder perceptions. As such, these approaches may be symbolic in nature, with no genuine intention to improve the environment. We draw from restorative justice grounded in stakeholder theory and explore a relatively new approach in the form of supplemental environmental projects aimed at restoring the environment, and empirically examine the role of corporate governance in firms’ decisions to undertake reparative actions. Using environmental violations and SEPs (...)
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  • Board Diversity and Corporate Social Responsibility: Empirical Evidence From France.Rania Beji, Ouidad Yousfi, Nadia Loukil & Abdelwahed Omri - 2020 - Journal of Business Ethics 173 (1):133-155.
    This study analyzes how the board’s characteristics could be associated with globally corporate social responsibility CSR and specific areas of CSR. It is drawn on all listed firms, in 2016, on the SBF120 between 2003 and 2016. Our results provide strong evidence that diversity in boards and diversity of boards globally are positively associated with corporate social performance. However, they influence differently specific dimensions of CSR performance. First, we show that large boards are positively associated with all areas of CSR (...)
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  • Reexamining Corporate Social Responsibility and Shareholder Value: The Inverted-U-Shaped Relationship and the Moderation of Marketing Capability.Wenbin Sun, Shanji Yao & Rahul Govind - 2019 - Journal of Business Ethics 160 (4):1001-1017.
    In the literature, CSR’s roles on firm performance are found to be positive, negative, or neutral. This inconclusive pattern suggests there may be a more complicated mechanism at work than the traditional focus on simple linear associations. We propose and test an inverted-U-shaped relationship between CSR and shareholder value, the fundamental measure of firm performance. Further, we incorporate a critical firm attribute, marketing capability, to moderate the nonlinear link between CSR and shareholder value, thereby exploring a previous understudied area involving (...)
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  • Do Contracts Make Them Care? The Impact of CEO Compensation Design on Corporate Social Performance.Jean McGuire, Jana Oehmichen, Michael Wolff & Roman Hilgers - 2019 - Journal of Business Ethics 157 (2):375-390.
    Using the behavioral agency model, we analyze how two compensation design characteristics, pay-performance sensitivity and duration of CEO compensation, affect corporate social performance. We find that the performance sensitivity of CEO pay is negatively associated with poor social performance but also negatively affects strong social performance. These results suggest that pay-performance sensitivity increases the relevance of potential negative consequences of poor social performance. However, the ‘insurance’ benefits of strong social performance may also become less relevant. With respect to the duration (...)
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  • CEO Compensation and Sustainability Reporting Assurance: Evidence From the UK.Habiba Al-Shaer & Mahbub Zaman - 2019 - Journal of Business Ethics 158 (1):233-252.
    Companies are expected to monitor sustainable behaviour to help improve performance, enhance reputation and increase chances of survival. This paper examines the relationship between sustainability committees and independent external assurance on the inclusion of sustainability-related targets in CEO compensation contracts. Using a sample of UK FTSE350 companies for 2011–2015 and controlling for governance and firm characteristics, we find both board-level sustainability committees and sustainability reporting assurance have a positive and significant association with the inclusion of sustainability terms in compensation contracts. (...)
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  • Can CSR Disclosure Protect Firm Reputation During Financial Restatements?Lu Zhang, Yuan George Shan & Millicent Chang - 2020 - Journal of Business Ethics 173 (1):157-184.
    We investigate the effectiveness of corporate social responsibility disclosure in protecting corporate reputation following financial restatements. As expected under legitimacy theory, firms can signal their legitimacy via nonfinancial disclosure after the negative effects of financial restatements. Our results show that restating firms make substantial improvements to overall CSR disclosure quality by changing their standalone reports to a more conservative tone, increasing readability and report length, even though they strategically disclose less forward-looking and sustainability-related content. Such improvements are more pronounced in (...)
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  • Does CEO–Audit Committee/Board Interlocking Matter for Corporate Social Responsibility?Sudipta Bose, Muhammad Jahangir Ali, Sarowar Hossain & Abul Shamsuddin - forthcoming - Journal of Business Ethics:1-29.
    This study examines the impact of the Chief Executive Officer ’s interlocking, created through serving on other companies’ audit committees and/or boards, on corporate social responsibility performance of the focal company and that of its linked companies. We find that CEO interlocking positively affects CSR performance of both the focal company and its linked companies. Further analysis shows that interlocks created by the CEO enhance CSR performance and in turn the financial performance of both the focal company and its linked (...)
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  • The Corporate Social Responsibility Information Environment: Examining the Value of Financial Analysts’ Recommendations.Changhee Lee, Dan Palmon & Ari Yezegel - 2018 - Journal of Business Ethics 150 (1):279-301.
    This study examines the relationship between corporate social responsibility -related information and the value of financial analysts’ stock recommendations. The information environment in which analysts operate in is affected by CSR-related reports that companies voluntarily issue as well as information that becomes available through third-party analysis and rating institutions. We find an inverse relationship between the value of both upgrade and downgrade revisions and the supply of CSR-related information compiled by third-party institutions, suggesting that CSR-related data are associated with a (...)
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  • Intragroup Transactions, Corporate Governance, and Corporate Philanthropy in Korean Business Groups.Won-Yong Oh, Young Kyun Chang, Gyeonghwan Lee & Jeongil Seo - 2018 - Journal of Business Ethics 153 (4):1031-1049.
    This study examines how the corporate philanthropy decisions of group-affiliated firms in Korea are made. Based on the attention-based view, we argue that when corporate decision makers at group-affiliated firms focus their attention more on internal markets than external stakeholders because of the firm’s high reliance on intragroup transactions, the firm will decrease its level of corporate philanthropy. We further argue that the relationship will be stronger when governance mechanisms focus on the instrumental value of corporate philanthropy. Using a panel (...)
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  • Does A Virtuous Circle Really Exist? Revisiting the Causal Linkage Between CSP and CFP.Xiaoping Zhao & Audrey Murrell - forthcoming - Journal of Business Ethics:1-20.
    Previous studies have proposed a virtuous circle between corporate social performance and corporate financial performance. However, a key challenge researchers face when empirically examining this virtuous circle is endogeneity. In this paper, we apply a well-developed method—dynamic panel data estimation—to account for endogeneity and conduct two studies to reexamine the causal relationship between CSP and CFP. Study 1 relies on KLD ratings from 1997 to 2012 as the measure of CSP. According to the results of Study 1, although CFP measured (...)
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  • Is There Informational Value in Corporate Giving?Kiyoung Chang, Hoje Jo & Ying Li - 2018 - Journal of Business Ethics 151 (2):473-496.
    In this article, we propose that giving in cash and non-cash differ in their relation with the giving firm’s future corporate financial performance and only cash giving is associated with future CFP. Using a novel dataset from ASSET4 that differentiates corporate giving over a sample period of 2002–2012, we examine three competing hypotheses: agency cost hypothesis that cash giving reflects agency cost and destroys value for shareholders, investment hypothesis that cash giving is an investment by management that aims for better (...)
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  • Corporate Governance as a Key Driver of Corporate Sustainability in France: The Role of Board Members and Investor Relations.Patricia Crifo, Elena Escrig-Olmedo & Nicolas Mottis - 2019 - Journal of Business Ethics 159 (4):1127-1146.
    This paper examines the relationships between corporate governance and corporate sustainability by focusing on two main components of companies’ governance structure: boards of directors and investor relations officers. We propose an original empirical strategy based on the 120 biggest French capitalizations for the year 2013, allowing us to measure boards of directors’ independence and expertise, as well as investor relations officers’ convictions and communication on corporate sustainability. Our results show that corporate governance has an ambiguous impact on corporate sustainability because (...)
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  • Social Performance and Firm Risk: Impact of the Financial Crisis.Kais Bouslah, Lawrence Kryzanowski & Bouchra M’Zali - 2018 - Journal of Business Ethics 149 (3):643-669.
    This paper examines the impact of the recent financial crisis on the relation between a firm’s risk and social performance using a sample of non-financial U.S. firms covering the period 1991–2012. We find that the relation between SP and risk is significantly different in the crisis period compared to the pre-crisis period. SP reduces volatility during the financial crisis. The risk reduction potential of SP is mainly due to the strengths component of SP. Since the relation of risk is stronger (...)
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  • Corporate Social Responsibility and Firm Financial Performance: The Mediating Role of Productivity.Iftekhar Hasan, Nada Kobeissi, Liuling Liu & Haizhi Wang - 2018 - Journal of Business Ethics 149 (3):671-688.
    This study treats firm productivity as an accumulation of productive intangibles and posits that stakeholder engagement associated with better corporate social performance helps develop such intangibles. We hypothesize that because shareholders factor improved productive efficiency into stock price, productivity mediates the relationship between corporate social and financial performance. Furthermore, we argue that key stakeholders’ social considerations are more valuable for firms with higher levels of discretionary cash and income stream uncertainty. Therefore, we hypothesize that those two contingencies moderate the mediated (...)
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  • Corporate Social Responsibility in China: A Corporate Governance Approach.ChungMing Lau, Yuan Lu & Qiang Liang - 2016 - Journal of Business Ethics 136 (1):73-87.
    This study examines the effects of corporate governance mechanisms on CSR performance in an emerging economy, China. Because of the need of gaining legitimacy in the new institutional context, Chinese firms have to adopt global CSR practices in order to remain competitive. Using the corporate governance framework, this study examines how board composition, ownership, and TMT composition influence corporate social performance. The propositions are tested using data gathered from 471 firms in China. By and large, empirical findings supported the hypothesized (...)
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  • Board Composition and Corporate Social Responsibility: The Role of Diversity, Gender, Strategy and Decision Making.Kathyayini Rao & Carol Tilt - 2016 - Journal of Business Ethics 138 (2):327-347.
    This paper aims to critically review the existing literature on the relationship between corporate governance, in particular board diversity, and both corporate social responsibility and corporate social responsibility reporting and to suggest some important avenues for future research in this field. Assuming that both CSR and CSRR are outcomes of boards’ decisions, this paper proposes that examining boards’ decision making processes with regard to CSR would provide more insight into the link between board diversity and CSR. Particularly, the paper stresses (...)
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  • Can Inclusion in Religious Index Membership Mitigate Earnings Management?Abdullah Alsaadi - 2021 - Journal of Business Ethics 169 (2):333-354.
    This paper investigates whether religious-based index membership is important in mitigating earnings management. Using a large sample of firms domiciled across 12 European countries, our empirical results show that firms included in the Shariah-compliant index, as a proxy for religious index, are more likely to engage in accruals manipulation vis-a-vis non-Shariah-compliant firms. Our results are robust using the Heckman two-stage treatment effect model, weighted least squares model, alternative earnings quality metrics and after controlling for the potential effects of home-country characteristics. (...)
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  • Religious Values Motivating CSR: An Empirical Study from Corporate Leaders’ Perspective.Bo Xu & Linlin Ma - forthcoming - Journal of Business Ethics:1-19.
    Using a panel data of 806 U.S. firms from 2006 to 2015, we find that in their ratings of corporate social responsibility performance, firms with top managers who attended religiously affiliated schools outperform their peers with no such managers. The positive relationship between religious school attendance and CSR performance is stronger among firms with lower level of community religiosity or less external monitoring. Our findings lend support to early theoretical work that suggests managerial CSR-oriented values can be key motivating factors (...)
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  • When Does Corporate Social Performance Pay for International Firms?Alan Muller - 2020 - Business and Society 59 (8):1554-1588.
    How does corporate social performance affect financial performance as the firm expands internationally? To address this question, I integrate arguments from the International Business literature and the literature on CSP to propose that the costs and benefits associated with CSP are unevenly distributed across the range of internationalization. Specifically, I argue that the costs of CSP outweigh the benefits at low levels of internationalization, while the benefits outweigh the costs at high levels of internationalization, leading to a moderated, U-shaped relationship. (...)
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  • Value-Enhancing Capabilities of CSR: A Brief Review of Contemporary Literature.Mahfuja Malik - 2015 - Journal of Business Ethics 127 (2):419-438.
    This study reviews and synthesizes the contemporary business literature that focuses on the role of corporate social responsibility to enhance firm value. The main objective of this review is to proffer a precise understanding of what has already been investigated and the findings of those investigations regarding the value-enhancing capabilities of CSR for public firms. In addition, this review identifies gaps in the existing literature, evaluates inconsistent findings, discusses possible data sources for empirical researchers, and provides direction for exploring other (...)
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  • Corporate Governance and Firm Value: The Impact of Corporate Social Responsibility. [REVIEW]Hoje Jo & Maretno A. Harjoto - 2011 - Journal of Business Ethics 103 (3):351-383.
    This study investigates the effects of internal and external corporate governance and monitoring mechanisms on the choice of corporate social responsibility (CSR) engagement and the value of firms engaging in CSR activities. The study finds the CSR choice is positively associated with the internal and external corporate governance and monitoring mechanisms, including board leadership, board independence, institutional ownership, analyst following, and anti- takeover provisions, after controlling for various firm characteristics. After correcting for endogeneity and simultaneity issues, the results show that (...)
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  • Ethical Reputation of Financial Institutions: Do Board Characteristics Matter?Laura Baselga-Pascual, Antonio Trujillo-Ponce, Emilia Vähämaa & Sami Vähämaa - 2018 - Journal of Business Ethics 148 (3):489-510.
    This paper examines the association between board characteristics and the ethical reputation of financial institutions. Given the pivotal governance role of the board of directors and the value-relevance of ethical corporate behavior, we postulate a positive relationship between ethical reputation and board features that foster more effective monitoring and oversight. Using a sample of large financial institutions from 13 different countries, we run several alternative panel regressions of ethical reputation on board characteristics and firm-specific controls. Our results demonstrate that the (...)
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  • Corporate Social Responsibility and Investment Efficiency.Mohammed Benlemlih & Mohammad Bitar - 2018 - Journal of Business Ethics 148 (3):647-671.
    Using a sample of 21,030 US firm-year observations that represents more than 3000 individual firms over the 1998–2012 period, we investigate the relationship between Corporate Social Responsibility and investment efficiency. We provide strong and robust evidence that high CSR involvement decreases investment inefficiency and consequently increases investment efficiency. This result is consistent with our expectations that high CSR firms enjoy low information asymmetry and high stakeholder solidarity. Moreover, our findings suggest that CSR components that are directly related to firms’ primary (...)
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  • Doing Well While Doing Bad? CSR in Controversial Industry Sectors.Ye Cai, Hoje Jo & Carrie Pan - 2012 - Journal of Business Ethics 108 (4):467 - 480.
    In this article, we examine the empirical association between firm value and CSR engagement for firms in sinful industries, such as tobacco, gambling, and alcohol, as well as industries involved with emerging environmental, social, or ethical issues, i.e., weapon, oil, cement, and biotech. We develop and test three hypotheses, the window-dressing hypothesis, the value-enhancement hypothesis, and the value-irrelevance hypothesis. Using an extesive US sample from 1995 to 2009, we find that CSR engagement of firms in controversial industries positively affects firm (...)
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  • Does CSR Reduce Firm Risk? Evidence From Controversial Industry Sectors.Hoje Jo & Haejung Na - 2012 - Journal of Business Ethics 110 (4):441-456.
    In this paper, we examine the relation between corporate social responsibility (CSR) and firm risk in controversial industry sectors. We develop and test two competing hypotheses of risk reduction and window dressing. Employing an extensive U.S. sample during the 1991-2010 period from controversial industry firms, such as alcohol, tobacco, gambling, and others, we find that CSR engagement inversely affects firm risk after controlling for various firm characteristics. To deal with endogeneity issue, we adopt a system equation approach and difference regressions (...)
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  • A Review of Sustainable Supply Chain Management Practices in Canada. [REVIEW]Oguz Morali & Cory Searcy - 2013 - Journal of Business Ethics 117 (3):635-658.
    There is a growing body of research on the theory and practice of sustainable supply chain management (SSCM). However, relatively little research has been conducted on the extent to which corporations have integrated sustainability principles into the management of their supply chain and the evaluation of supplier performance. The purpose of this article is to explore the extent to which corporate sustainability principles are integrated into supply chain management (SCM) in corporations. Canada is used as a case study in this (...)
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  • Ownership Concentration and CSR Policy of European Multinational Enterprises.Lammertjan Dam & Bert Scholtens - 2013 - Journal of Business Ethics 118 (1):117-126.
    This study investigates how ownership concentration in European multinational firms is associated with these firms’ corporate social responsibility (CSR). We employ factor analysis on responsibility data from EIRiS and use a regression analysis. Using firm-level data for almost 700 European firms, we find that shareholder concentration is significantly related to such policies. That is, more concentrated ownership goes hand in hand with poorer CSR policies. In our analysis, we control for size, leverage, profitability, industry, and country of origin. We use (...)
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  • Corporate Environmental Responsibility in Polluting Industries: Does Religion Matter?Xingqiang Du, Wei Jian, Quan Zeng & Yingjie Du - 2014 - Journal of Business Ethics 124 (3):1-23.
    Using a sample of Chinese listed firms in polluting industries for the period of 2008–2010, we empirically investigate whether and how Buddhism, China’s most influential religion, affects corporate environmental responsibility (CER). In this study, we measure Buddhist variables as the number of Buddhist monasteries within a certain radius around Chinese listed firms’ registered addresses. In addition, we hand-collect corporate environmental disclosure scores based on the Global Reporting Initiative (GRI) sustainability reporting guidelines. Using hand-collected Buddhism data and corporate environmental disclosure scores, (...)
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  • The Heterogeneous Impact of Corporate Social Responsibility Activities That Target Different Stakeholders.Kiyoung Chang, Incheol Kim & Ying Li - 2014 - Journal of Business Ethics 125 (2):1-24.
    We aggregate different dimensions of corporate social responsibility (CSR) activities following the stakeholder framework proposed in Clarkson (Acad Manag Rev 20(1), 92–117, 1995) and present consistent evidence that CSR strengths targeting different stakeholders have their unique impact on firm risk and financial performance. Institutional CSR activities that target secondary stakeholders are negatively associated with firm risk, measured by total risk and systematic risk. Technical CSR that target primary stakeholders are positively associated with firm financial performance, measured by Tobin’s Q, ROA, (...)
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  • Legal Vs. Normative CSR: Differential Impact on Analyst Dispersion, Stock Return Volatility, Cost of Capital, and Firm Value.Maretno A. Harjoto & Hoje Jo - 2015 - Journal of Business Ethics 128 (1):1-20.
    This study examines how the sell-side analysts interpret firms’ corporate social responsibility activities. Specifically, we examine the differential impact of overall, legal, and normative CSR on the analysts’ earnings forecast dispersion, stock return volatility, cost of equity capital, and firm value. Employing a sample of U.S. public firms during 1993–2009, we find that overall CSR intensities reduce analyst dispersion of earnings forecast, volatility of stock return and cost of capital , and increase firm value. However, its impact is reduced for (...)
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  • Workforce Diversity and Religiosity.Jinhua Cui, Hoje Jo, Haejung Na & Manuel G. Velasquez - 2015 - Journal of Business Ethics 128 (4):743-767.
    Workforce diversity has received increasing amounts of attention from academics and practitioners alike. In this article, we examine the empirical association between a firm’s workforce diversity and the degree of religiosity of the firm’s management by investigating their unidirectional and endogenous effects. Employing a large and extensive U.S. sample of firms from the years 1991–2010, we find a positive association between a measure of the firm’s commitment to diversity and the religiosity of the firm’s management after controlling for various firm (...)
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  • Corporate Social Responsibility and Insider Trading.Jinhua Cui, Hoje Jo & Yan Li - 2015 - Journal of Business Ethics 130 (4):869-887.
    This study examines the impact of corporate social responsibility activities on insider trading. While opponents of insider trading claim that the buying or selling of a security by insiders who have access to non-public information is illegal, proponents argue that insider trading improves economic efficiency and fairness when corporate insiders buy and sell stock in their own companies. Based on extensive U.S. data of insider trading and CSR engagement, we find that both the number of insider transactions and the volume (...)
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  • Vice or Virtue? The Impact of Corporate Social Responsibility on Executive Compensation.Ye Cai, Hoje Jo & Carrie Pan - 2011 - Journal of Business Ethics 104 (2):159-173.
    We empirically examine the impact of corporate social responsibility (CSR) on CEO compensation using a large sample of the US firms from 1996 to 2010. We develop and test two hypotheses, the overinvestment hypothesis based on agency theory and the conflict–resolution hypothesis based on stakeholder theory. We find that the lag of CSR adversely affects both total compensation and cash compensation, after controlling for various firm and board characteristics. Our estimates show that an interquartile increase in CSR is followed by (...)
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  • The Moderating Role of Board Monitoring Power in the Relationship Between Environmental Conditions and Corporate Social Responsibility.Isabel‐María García‐Sánchez - 2020 - Business Ethics: A European Review 29 (1):114-129.
    Business Ethics: A European Review, EarlyView.
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  • Christian Religiosity and Corporate Community Involvement.Jinhua Cui, Hoje Jo & Manuel G. Velasquez - 2019 - Business Ethics Quarterly 29 (1):85-125.
    ABSTRACT:We examine whether religion influences company decisions related to corporate community involvement. Employing a large US sample, we show that the CCI initiatives of a company are positively associated with the level of Christian religiosity present in the region within which that company’s headquarters is located. This association persists even after we control for a wide range of firm characteristics and after we subject our results to several econometric tests. These results support our religious morality hypothesis which holds that companies (...)
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  • Pray Local and Act Global? Christian Religiosity in the U.S. And Human Rights.Jinhua Cui & Hoje Jo - 2019 - Business Ethics: A European Review 28 (3):361-378.
    Business Ethics: A European Review, EarlyView.
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  • Board Attributes, Corporate Social Responsibility Strategy, and Corporate Environmental and Social Performance.Amama Shaukat, Yan Qiu & Grzegorz Trojanowski - 2016 - Journal of Business Ethics 135 (3):569-585.
    In this paper, we draw on insights from theories in the management and corporate governance literature to develop a theoretical model that makes explicit the links between a firm’s corporate social responsibility related board attributes, its board CSR strategy, and its environmental and social performance. We then test the model using structural equation modeling approach. We find that the greater the CSR orientation of the board, the more proactive and comprehensive the firm’s CSR strategy, and the higher its environmental and (...)
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  • How Does Corporate Social Responsibility Engagement Influence Word of Mouth on Twitter? Evidence From the Airline Industry.Tam Thien Vo, Xinning Xiao & Shuk Ying Ho - 2019 - Journal of Business Ethics 157 (2):525-542.
    Our study examines how a company’s engagement in corporate social responsibility influences word of mouth about the company on Twitter, particularly during a service delay. We use the airline industry as the study context. On the popular social medium Twitter, people post tweets about airline services and raise concerns about service delays when flights are delayed, canceled, or diverted. Drawing on the literature on legitimacy and the halo effect, we argue that a company’s CSR engagement enhances its corporate image, which (...)
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  • To What Extent Do Gender Diverse Boards Enhance Corporate Social Performance?Claude Francoeur, Réal Labelle, Souha Balti & Saloua E. L. Bouzaidi - 2019 - Journal of Business Ethics 155 (2):343-357.
    The inconclusiveness of previous research on the association between gender diverse boards and corporate social performance has led us to revisit the question in light of stakeholder management and institutional theories. Given that corporate social responsibility is a multidimensional concept, we test the influence of GDB on various groups of stakeholders. By considering the interaction between stakeholders’ power and directors’ personal motivations toward the prioritization of stakeholders’ claims, we find that GDB are positively related to CSR dimensions that are related (...)
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  • Corporate Environmental Responsibilities and Executive Compensation: A Risk Management Perspective.Jongyu Paula Hao & Fei Kang - 2019 - Business and Society Review 124 (1):145-179.
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  • CSR Performance and the Value of Cash Holdings: International Evidence.Mohamed Arouri & Guillaume Pijourlet - 2017 - Journal of Business Ethics 140 (2):263-284.
    Using a worldwide sample, we examine whether corporate social responsibility performance has an impact on the value of cash holdings. We find that investors assign a higher value to cash held by firms that have a high CSR rating. This result is consistent with the idea that CSR policies are a means for managers to act in the shareholders’ interests by mitigating conflicts with stakeholders. Finally, we reveal that CSR performance has a positive impact on the value of cash holdings (...)
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  • Changes in the Covalence Ethical Quote, Financial Performance and Financial Reporting Quality.Fayez A. Elayan, Jingyu Li, Zhefeng Frank Liu, Thomas O. Meyer & Sandra Felton - 2016 - Journal of Business Ethics 134 (3):369-395.
    We examine the equity valuation effect of press releases of upgrades or downgrades reflected in the Covalence Ethical Quote, an index ranking the ethical performance of multinational firms. The index is updated quarterly and is comprehensive enough to include 45 criteria reflecting working conditions, impact of product, impact of production, and company institutional impact. Thus, it captures many dimensions of firms’ ethical performance that are not accounted for in previous research. Our research encompasses a joint test of the value relevance (...)
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  • Corporate Environmental Responsibility and Firm Performance in the Financial Services Sector.Hoje Jo, Hakkon Kim & Kwangwoo Park - 2015 - Journal of Business Ethics 131 (2):257-284.
    In this study, we examine whether corporate environmental responsibility plays a role in enhancing operating performance in the financial services sector. Because achieving success with CER investing is often a long-term process, we maintain that by effectively investing in CER, executives can decrease their firms’ environmental costs, thereby enhancing operating performance. By employing a unique environmental dataset covering 29 countries, we find that the reducing of environmental costs takes at least 1 or 2 years before enhancing return on assets. We (...)
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  • Corporate Governance and Executive Compensation for Corporate Social Responsibility.Bryan Hong, Zhichuan Li & Dylan Minor - 2016 - Journal of Business Ethics 136 (1):199-213.
    We link the corporate governance literature in financial economics to the agency cost perspective of corporate social responsibility to derive theoretical predictions about the relationship between corporate governance and the existence of executive compensation incentives for CSR. We test our predictions using novel executive compensation contract data, and find that firms with more shareholder-friendly corporate governance are more likely to provide compensation to executives linked to firm social performance outcomes. Also, providing executives with direct incentives for CSR is an effective (...)
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  • Corporate Board and Corporate Social Responsibility Assurance: Evidence From China.Lin Liao, Teng Lin & Yuyu Zhang - 2018 - Journal of Business Ethics 150 (1):211-225.
    This paper investigates the association between board characteristics and the company’s corporate social responsibility assurance decision in China. By examining 2054 firm-years of Chinese listed companies with CSR reports from 2008 to 2012, we find that firms with a large board size, more female directors, and separation of CEO and chairman positions are more likely to engage in CSR assurance. Gender diversity also influences the CSR assurance provider choice. However, board independence and overseas background of the CEO do not affect (...)
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  • Business Groups and Corporate Social Responsibility.Jongmoo Jay Choi, Hoje Jo, Jimi Kim & Moo Sung Kim - 2018 - Journal of Business Ethics 153 (4):931-954.
    There is a growing literature on corporate social responsibility, but few have focused on the implications of business groups for CSR. We examine the antecedents and outcomes of CSR behaviors of group firms in Korea. We find that group affiliation is associated with higher CSR overall and for its major societal and environmental components. However, the ownership disparity between cash flow and control by controlling inside shareholders is associated with lower CSR, consistent with opportunistic rent expropriation theory. We further find (...)
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  • Is Institutional Ownership Related to Corporate Social Responsibility? The Nonlinear Relation and Its Implication for Stock Return Volatility.Maretno Harjoto, Hoje Jo & Yongtae Kim - 2017 - Journal of Business Ethics 146 (1):77-109.
    This study examines the relation between corporate social responsibility and institutional investor ownership, and the impact of this relation on stock return volatility. We find that institutional ownership does not strictly increase or decrease in CSR; rather, institutional ownership is a concave function of CSR. This evidence suggests that institutional investors do not see CSR as strictly value-enhancing activities. Institutional investors adjust their percentage of ownership when CSR activities go beyond the perceived optimal level. Employing the path analysis, we also (...)
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  • Community Religion, Employees, and the Social License to Operate.Jinhua Cui, Hoje Jo & Manuel G. Velasquez - 2016 - Journal of Business Ethics 136 (4):775-807.
    The World Bank recently noted: “Social license to operate has traditionally referred to the conduct of firms with regard to the impact on local communities and the environment, but the definition has expanded in recent years to include issues related to worker and human rights”. In this paper, we examine a factor that can influence the kind of work conditions that can facilitate or obstruct a firm’s attempts to achieve the social license to operate. Specifically, we examine the empirical association (...)
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  • Does Corporate Social Responsibility Affect Information Asymmetry?Jinhua Cui, Hoje Jo & Haejung Na - 2018 - Journal of Business Ethics 148 (3):549-572.
    In this study, we examine the empirical association between corporate social responsibility and information asymmetry by investigating their simultaneous and endogenous effects. Employing an extensive U.S. sample, we find an inverse association between CSR engagement and the proxies of information asymmetry after controlling for various firm characteristics. The results hold using 2SLS considering the reverse side of information asymmetry influencing CSR activities. The results also hold after mitigating endogeneity based on the dynamic panel system generalized method of moment. Furthermore, the (...)
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  • Exploring the Relationship Between Board Characteristics and CSR: Empirical Evidence From Korea.Young Kyun Chang, Won-Yong Oh, Jee Hyun Park & Myoung Gyun Jang - 2017 - Journal of Business Ethics 140 (2):225-242.
    Previous studies in Western contexts have examined the relationships between various board characteristics and CSR, yet the relationships need to be re-examined in non-Western contexts given differential theoretical premises across contexts. We specifically propose that the effects of board characteristics on CSR in Korea should be patterned distinctively from Western-based existing literature, focusing on three important board characteristics, such as a board’s independence, social ties, and diversity. Using a panel dataset from large Korean firms, we found that various relationships between (...)
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